Most of us think the stock market is the sole indicator of a good or bad economy. However, with so much investment going overseas, it doesn’t tell the whole story. More important is labor statistics. The top retailier, for instance always seems to lead the pack in job creation, but most of it is part time and roughly at minimum wage, but its greatest impact on creating jobs is abroad by importing tons of foreign made goods.
There was a time when buying American was the patriotic thing to do but now in purchasing a Toyota could very well mean that the auto consists of more American made parts than a Ford!Labor unfortunately has become a global commodity, which has forced down the value of American labor. This sounds like good news for consumers until they, too, find their own jobs devaluated.
It used to be said that communism makes everyone equally low life. If a Mexican worker is worth a dollar an hour, it is arrogance for the American worker to expect two dollars, let alone eight or nine.
Could it be that the US is destined to become a third world country?